Question

how long does it take for a new credit card to boost score and show benefits

I have a bad credit score, largely due to many student loans. If I get a secured credit card, how long will it take to show the benefits of on time payments? The credit simulator is actually showing a reduction in my credit score. How long would a reduction in score last? I'm hoping that my continued efforts will show in a year.

All Responses

Whenever you apply for a credit card you will recieve a hard inquiry added to your history, this will ding your credit score for about four months, that explains the reduction in your credit score. After your first statement with your credit card you should start to see your score increase with time. Just make sure not to carry too much of a balance and make payments on time. After a year you will with out a doubt see you credit score higher then what it is now.

Late Payments can show up for two years. Just be patient and keep stay current with your loans. Sometimes if you make payments on time for about a year sometimes you can call the loan company and request they update your credit and remove the negative as a one time grace. The creditor has the ability to remove the negative.

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